Thailand’s securities regulator has warned the public regarding scam entities posing as legal digital currency trading companies operational overseas.

Investor losses aren't known

The Thai Securities and Exchange Commission (SEC) has discovered a latest crypto scam wherever investors are lured into operative with companies outside the country, local English-language news outlet Bangkok Post reports on August. 25.

The regulator has become conscious of many fallacious corporations concerned within the case, as well as the alleged scam entity named FX trading Corporation, that isn't approved to trade in digital currencies, the report notes. The SEC expressed that the quantity of losses caused by the scam isn't known to date.

Only four companies are approved to offer crypto services

A delegate for the Thai SEC's Department of Special Investigation guaranteed that the organization has altogether endorsed three corporationss to figure advanced resource related organizations in Thailand and affirmed one organization as a crypto dealer or broker.

As recently revealed, the Thai Ministry of Finance issued the four computerized in addition to business licenses in Jan 2019, favoring crypto-related administrations by trades Bitcoin Exchange Co., Ltd., Bitkub online Co., Ltd. and Satang Corporation, still as cryptocurrency securities firm Coins TH Co., Ltd.

The regulator’s advocator additionally expressed that Thai authorities need cooperation from foreign counterparts so as to analyze the business because of the presence of foreign crypto scams within the country.

Recently, Saudi Arabia’s Finance Ministry issued a warning against crypto scammers using the Kingdom’s state symbols to market tokens that claim to be tied to government projects.

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